The Kerala State Co-operative Bank Limited (KSCB) filed applications under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, against Mr. Babu George and Mr. K. Sivadas, who are personal guarantors of the corporate debtor, Lake View Ayurvedic Resorts and Research Centre Private Limited. KSCB had sanctioned term loans to Lake View Ayurvedic Resorts, but the corporate debtor allegedly violated the loan terms by transferring the company to a new promoter group. KSIDC, another creditor, had previously initiated Corporate Insolvency Resolution Process (CIRP) against Lake View
…The Kerala State Co-operative Bank Limited (KSCB) sanctioned term loans amounting to Rs. 5,90,96,000 to M/s Lake View Ayurvedic Resorts Private Limited through three loans: Rs 121 lakh on 2003-07-29, Rs 51 lakh on 2004-01-13, and Rs 418.96 lakh on 2004-12-09. These loans were secured by a pari passu agreement with KSIDC and the original title deeds were pledged with KSIDC. The project was commissioned on 2002-07-07 with Sri. Babu George as Managing Director and Dr. K. Sivadas as Director. The applicant stated that the Directors of Corporate Debtor had transferred the company to a new promoter group headed by Sri. Chandy Mathew, an Ex -NRI. KSIDC had filed an application under Section 7 of the IBC, 2016 to initiate Corporate Insolvency Resolution Process against M/s
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Lake View Ayurvedic Resorts project was…
Rs 121 lakh loan…
The Kerala State Co-operative Bank Limited (KSCB) filed applications under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, against Mr. Babu George and Mr. K. Sivadas, who are personal guarantors of the corporate debtor, Lake View Ayurvedic Resorts and Research Centre Private Limited. KSCB had sanctioned term loans to Lake View Ayurvedic Resorts, but the corporate debtor allegedly violated the loan terms by transferring the company to a new promoter group. KSIDC, another creditor, had previously initiated Corporate Insolvency Resolution Process (CIRP) against Lake View
…The Kerala State Co-operative Bank Limited (KSCB) sanctioned term loans amounting to Rs. 5,90,96,000 to M/s Lake View Ayurvedic Resorts Private Limited through three loans: Rs 121 lakh on 2003-07-29, Rs 51 lakh on 2004-01-13, and Rs 418.96 lakh on 2004-12-09. These loans were secured by a pari passu agreement with KSIDC and the original title deeds were pledged with KSIDC. The project was commissioned on 2002-07-07 with Sri. Babu George as Managing Director and Dr. K. Sivadas as Director. The applicant stated that the Directors of Corporate Debtor had transferred the company to a new promoter group headed by Sri. Chandy Mathew, an Ex -NRI. KSIDC had filed an application under Section 7 of the IBC, 2016 to initiate Corporate Insolvency Resolution Process against M/s
…Lake View Ayurvedic Resorts project was…
Rs 121 lakh loan…